Ethereum Classic Labs (ETC Labs), the core development and accelerator organization for the Ethereum Classic (ETC) blockchain, and ChainSafe Systems today announced the launch of a new bridge between Ethereum (ETH) and Ethereum Classic, with a focus of bridging the Dai stablecoin to ETC. This integration of MakerDAO’s Dai, the world’s first unbiased currency and leading decentralized stablecoin, enables access to Dai on the Ethereum Classic network. The goal of the partnership is twofold: ensure DeFi is accessible to the ETC community and to increase access to decentralized finance, especially in communities excluded by traditional finance.
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“The bridge facilitating the use of MakerDAO’s Dai advances our core mission of creating a level playing field when it comes to access to financial tools, globally,” says James Wo, Founder and Chairman of Ethereum Classic Labs. “Our vision for a path forward is to use blockchain to increase said access to finance, making it easier for people to use cryptocurrencies with economic incentives.”
Gregory Di Prisco, Head of Business Development at the Maker Foundation added, “Dai is a currency for everyone and every network. While Dai is generated on Ethereum, it’s great to see other blockchains take advantage of the utility of a decentralized stablecoin.”
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The Bridge, operated by ChainSafe, consists of an audited set of smart contracts and a trusted validator set that facilitates tokens and arbitrary data to move between chains. The trusted validators in the Bridge relay assets between a source chain and destination chain. Assets are locked and unlocked in smart contracts allowing them to be safely represented across chains. The DAI-ETC Bridge represents a large step forward in connecting DAI with ETC and was developed in partnership with ChainSafe Systems, audited by ConsenSys Diligence.
“We are proud to be working with ETC Labs using ChainBridge to connect DAI with ETC. This is a huge stride towards financial inclusion and to empowering people and organizations to build and innovate through blockchain and other distributed technologies,” said Gregory Markou, CTO of ChainSafe.
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With the Bridge, any individual or business that relies on ETC or ETH can access the leading decentralized stablecoin, Dai, and bring in additional users to rely on a stable and decentralized currency. This integration will benefit users, customers, and token holders of ETC, and expand the overall ETC ecosystem. ETC’s recent hard fork has acted as a timely catalyst for this integration, as it is the culmination of active development and innovation taking place on ETC.
